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Top stories today:
- U.S., China finalize trade deal as White House eyes 10 more: Lutnick
- GDP revised from -0.2% to -0.5% in Q1 as consumer spending slows
- Apple overhauls EU App Store to comply with DMA, swaps fee
- Meta could buy AI voice startup PlayAI in talent push
- Uber said to be in talks with founder Kalanick to buy Pony.ai
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. U.S., China finalize trade deal as White House eyes 10 more: Lutnick
The China deal was signed 2 days ago, U.S. Commerce Secy. Howard Lutnick said.
āTheyāre going to deliver rare earths to us,ā and once they do that,Ā āweāll take down our countermeasures,ā Lutnick stated.
Unclear whether the 55% tariff on China will change.
China confirmed the U.S. trade framework and vowed to review its exports.
Indian trade officials are slated to hold meetings with their U.S. counterparts over 2 days this week.
Japanās chief trade negotiator also has more talks coming up in Washington.
Chinaās industrial profit -9.1% YoY in May, the largest drop since Oct., highlighting the impact of U.S. tariffs
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3. GDP revised from -0.2% to -0.5% in Q1 as consumer spending slows to pandemic-era low
Recreation services spending led the downward revision
Spending on services contributed 0.3pp to GDP in Q1, the least since Q2 2020.
+0.5% in overall consumer spending.
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